Sunday, May 4, 2025
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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

Fannie Mae Q&A: Agency Remains Active Capital Source for Multifamily Borrowers

by John Nelson

WASHINGTON, D.C. —The Mortgage Bankers Association (MBA) recently published that multifamily originations totaled $246.2 billion in 2023, a 49 percent decline compared to 2022 and below its April estimation of $264 billion. Additionally, the Washington, D.C.-based organization said that 51 percent of active lenders made five or fewer multifamily loans last year. While a step back in terms of loan volume, the multifamily sector still stands out relative to other property types as the sector represented more than 60 percent of all commercial real estate loans provided in 2023, according to an MBA report in April. Chris Flynn, senior vice president and multifamily chief underwriter for Fannie Mae Multifamily, says that it’s important to keep that in perspective as all loans for all commercial real estate asset classes declined in 2023. “Multifamily was seen as an attractive asset class among the commercial real estate sectors in 2023 and was viewed as relatively more stable, from an investment perspective, compared to office, retail, and industrial,” says Flynn. The agencies didn’t take any breaks last year as Fannie Mae and Freddie Mac combined to generate 42 percent of all 2023 multifamily loans, according to the MBA, which tracks loans made on multifamily …

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Uptown-Square-San-Marcos
AcquisitionsMultifamilyStudent HousingTexas

Inland Private Capital Sells 512-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Illinois-based Inland Private Capital Corp. (IPC) has sold Uptown Square, a 512-bed student housing property located in the Central Texas city of San Marcos. Built in 2015, the 316-unit property serves students at Texas State University and features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, business center, outdoor grilling and dining stations and a dog park. Uptown Square is 91 percent preleased in advance of the 2024-2025 academic year. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented Inland in the transaction. Greystar purchased the property for an undisclosed price.

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CivicDevelopmentTexas

Leyendecker Begins Renovation, Expansion of Cotulla High School Campus

by Taylor Williams

COTULLA, TEXAS — General contractor Leyendecker Construction has begun the renovation and expansion of the high school campus of the Independent School District (ISD) of Cotulla, which is located about 90 miles southwest of San Antonio. Designed by Pfluger Architects, the project will be executed in two phases and will bring the total square footage of the campus, which was originally built in 1957, to 137,000 square feet. Completion is slated for late 2026. The project is being financed by a $65 million bond that was approved in May 2022. The Cotulla ISD serves about 1,200 students, and roughly 400 pupils attend the high school.

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Leasing ActivityRestaurantRetailTexas

PMB Capital Signs Four Food-and-Beverage Users to Leases at Metro Dallas Mixed-Use Development

by Taylor Williams

SACHSE, TEXAS — Locally based developer PMB Capital Investments has signed four new food-and-beverage users to leases at The Station, a mixed-use development located on the northeastern outskirts of Dallas in Sachse. Deals are now in place with pizza concept Cane Rosso (3,000 square feet), Nation’s Giant Hamburgers (2,500 square feet), Chipotle Mexican Grill (2,325 square feet) and Starbucks (2,225 square feet). All restaurants are expected to be open by next spring. PMB Capital is also nearing completion of the redevelopment of Heritage Park, which will bring an amphitheater, custom-designed playground, pavilion, splash pad, event lawn and boardwalk to the community.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Arranges 64,134 SF Industrial Lease Expansion in Irving

by Taylor Williams

IRVING, TEXAS — Lee & Associates has arranged a 64,134-square-foot industrial lease expansion in Irving. According to LoopNet Inc., the building at 3250 Story Road W was originally built in 1997 and totals 96,200 square feet. Nathan Denton of Lee & Associates represented the tenant, Reliant Air Conditioning, in the lease negotiations. Steve Trese and Wilson Brown of CBRE represented the Landlord, Prologis.

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AcquisitionsRetailTexas

AW Outlet Buys 23,879 SF Retail Building in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Discount retailer AW Outlet has purchased a 23,879-square-foot building located at 6680 W. Freeway in Fort Worth for its newest store. The building sits on a 1.7-acre parcel within a larger shopping center that is anchored by grocer Albertsons. Michelle Caplan and Matthew Rosenfeld of Weitzman represented the undisclosed seller in the transaction. Sarah Lamb of DB2RE represented AW Outlet.

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DevelopmentGeorgiaRestaurantRetailSoutheast

Chick-fil-A Opens First Elevated, Drive-Thru Only Restaurant in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Chick-fil-A is opening its first elevated, drive-thru only restaurant in the south Atlanta suburb of McDonough today. Located at 2155 Jodeco Road, the restaurant features four drive-thru lanes that run below an elevated kitchen that is twice the size of a typical Chick-fil-A kitchen. Food reaches the delivery team members via a custom meal transport system that uses conveyer belt technology. Patrons can either order onsite with a Chick-fil-A team member or order ahead on the Chick-fil-A app. The restaurant features dedicated lanes for both ordering methods, as well as “pull-aside lanes” for guests whose orders are taking longer to fulfill.  The Atlanta-based fast-casual restaurant chain says that the Jodeco Road restaurant has the capacity to support two to three times more vehicles than a standard Chick-fil-A restaurant drive-thru. Chick-fil-A, which opened its first restaurant with a drive-thru in 1993, expects to employ 150 team members at the new McDonough restaurant, which serves both the McDonough and Stockbridge markets. The company announced the new restaurant concept in summer 2023, along with a digital-only pick-up restaurant in New York City that opened in March.

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The-Hartby-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Property Resources Corp. Begins Leasing 205-Unit Multifamily Adaptive Reuse Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Property Resources Corp. has begun leasing The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and are now being leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Leasing of market-rate units will begin later this summer, and move-ins will commence this fall.

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AcquisitionsFloridaNorth CarolinaRetailSoutheast

CTO Realty Growth Purchases Shopping Center Portfolio in Florida, North Carolina for $137.5M

by John Nelson

WINTER PARK, FLA. — CTO Realty Growth Inc. has purchased a portfolio of three Southeast shopping centers: Carolina Pavilion in Charlotte, Millenia Crossing in Orlando and Lake Brandon Village in Brandon, Fla. The undisclosed seller(s) sold the portfolio, which totals approximately 893,000 square feet, to CTO for $137.5 million. Carolina Pavilion is an approximately 691,000-square-foot regional retail center located on 72 acres in Southern Charlotte on South Boulevard. The center was 93 percent leased at the time of sale to tenants including AMC Theatres, Floor & Décor, Nordstrom Rack, Ross Dress for Less and Burlington. Millenia Crossing is a 100,385-square-foot shopping center located adjacent to the Mall at Millenia in Orlando. The center was 96 percent leased at the time of sale to tenants including Nordstrom Rack, Party City, Modani Furniture, Milan Laser Hair Removal, Destination XL, The Vitamin Shoppe and Relax the Back. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the undisclosed seller in the Millennia Crossing transaction. Situated east of I-75 near Tampa, Lake Brandon Village spans approximately 102,000 square feet and was fully leased at the time of sale to tenants including Sprouts Farmers Market, PetSmart, DSW and Scandinavian Design Furniture. Additionally, CTO announced the …

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DevelopmentSouth CarolinaSoutheastStudent Housing

Holder Properties, USC Foundations to Begin Leasing 940-Bed Student Housing Community in Columbia

by John Nelson

COLUMBIA, S.C. — Construction is underway and leasing will begin next month on Gateway 737, a 940-bed student housing development located on the University of South Carolina campus in Columbia. The project is being developed by a public-private partnership between Holder Properties and the University of South Carolina Foundations and is expected for completion in August 2025. Gateway 737 is the second community developed by the partnership. The community will include 12,500 square feet of retail space, a three-story meeting and event space and dedicated parking spaces. Shared amenities will include a rooftop lounge, two-story fitness center, resort-style swimming pool, tech lounge and a game room. The community will offer fully furnished units in studio, two-, three- and four-bedroom configurations.

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